VENTURE DRILLING AS - SETTLEMENT FOR DEEP VENTURE

VENTURE DRILLING AS - SETTLEMENT FOR DEEP VENTURE

Venture Drilling AS ("VDAS"), a joint venture between Petrolia ASA and
Sinvest AS (50/50), has entered into an agreement for early redelivery
of the drillship Deep Venture aka Valentin Shashin being on bareboat
from its Russian owner Arktikmorneftegazrazvedka (Arktik).

Through the settlement, Valentin Shashin has been redelivered to Arktik
on 24 February 2011 at 19:45 hrs. (Norwegian time). VDAS will in total
receive a cash amount of USD 138.000.000, which covers the purchase
price for all equipment onboard belonging to Venture Drilling AS and its
position in the arbitration against Arktik, both of which are being
purchased by JSC Zarubezhneft.

The transaction is not expected to have any significant impact on the Q1
2011 results for Petrolia ASA.

For further information : please contact Mr. Kjetil Forland, Managing
Director, e-mail :
Kjetil.forland@petrolia.no (Kjetil.forland@petrolia.no). 

Bergen/Oslo, 25 February 2011

Petrolia ASA